Caltex Australia said on Monday it would allow Couche-Tard to conduct additional due diligence, after the Canadian firm raised its buyout offer to $5.91 billion last week. Re-read AlecMac11's column:
Caltex Australia, an oil refiner and operator of petrol stations, said on Feb. 13 that it has received a sweetened A$8.8 billion takeover proposal from Alimentation Couche-Tard.
The A$35.25 a share offer is 2.2% higher than the previous one of A$34.50, which Caltex disclosed on Nov. 26 and rejected. The Canadian suitor has indicated that its revised bid is its best and final price in the absence of a competing proposal. Caltex said it is currently considering the offer. Caltex shares were trading at A$33.95 at 12:39 p.m. in Sydney on Feb. 13, up 3.1% from its closing price on Feb. 12.
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